Having at least a basic exit plan in mind will ensure that you don’t go too far off track over the years as you move towards your end goal.
Think of it like the compass that’s keeping you running in the right direction.
Ultimately, implementing an exit plan means thinking about what the actual “best result” would be for your company.
Where do you want to be before you feel ready to sell, merge with a different business, or start something new?
When you have a clear vision of your future, you can make the right strategic steps to help your company grow faster, and more efficiently.
Planning an exit strategy isn’t about wishing for an end to your company as soon as it starts.The earlier you establish your exit strategy, the clearer the vision for you and your company becomes.If you don’t believe preparing is a priority for your business right now, these 10 reasons will open your eyes to the benefits of creating your exit plan early for the present and future of your business.Exit planning is an example of something so many entrepreneurs put off.In business, our focus is firmly on the here and now decisions: marketing, HR, inventory, cash flow, etc.It doesn’t feel like there is the time or the impetus to create an exit strategy, especially if you don’t plan to sell soon.But, you can’t be complacent about exiting your business.Outlining your exit strategy, above all else, gives you a blueprint for the future.It gives you a goal to aim for, acts as a measure of your success and crystallizes your vision for life beyond the business.Think of all the other plans you put in place to help your business grow: Here are a few reasons why you should take the “planned” route. It doesn’t mean that you’re giving up on your business.Instead, it indicates that you’re moving onto the next stage of your life – whatever that might be.